Bharat Petroleum Corporation Ltd (BPCL) on Tuesday said it will invest Rs 10,000 crore over the next five years in setting up city gas distribution networks in the cities for which it secured licences in the latest bidding round. BPCL NSE -1.28 % won licences to retail CNG to automobiles and piped natural gas for cooking purposes in six geographical areas or GAs bid out in the latest 11th bidding round of PNGRB.
“After announcement of results of bidding, BPCL’s committed investment in city gas distribution (CGD) network, on a standalone basis, would increase to over Rs 22,000 crore for development of 23 GAs, including Rs 10,000 crore for the 6 new GAs,” BPCL said in a stock exchange filing.
